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What is Re-branding? It is a marketing tactic that entails altering an existing brand's name, idea, or design. This makeover aims to make the brand appear so fresh and vibrant that it transforms its reputation, helping it win back investors and the target market's trust and attention. Giving an existing brand a new name, symbol, or change in appearance is a marketing gimmick, a strategy that differentiates a company's image from its rivals.
Importance of Re-branding
Branding is crucial for any company as it helps them set apart from their competitors. It defines who you are, and what makes you stand out from the competitors, and leaves a lasting impact on your target audience. This acknowledgement boosts a company's worth, offers knowledge, establishes expectations, and makes finding new clients simpler.
With time, a brand may become outmoded, and re-branding is the only way to keep it relevant. Refocusing current messaging to better connect with the target audience should be the ultimate objective of your re-branding process. This is your moment to fully comprehend the needs of your audience and demonstrate why your brand is the one that can meet those needs. Big companies like Disney, Target, Dunkin' Donuts and Coca-Cola have all re-thought their image and changed their appearance with time. Apple, too, has changed its branding three times, Starbucks has done it four times, and Pepsi eleven times.
Reasons for Re-branding
- Re-branding helps you tap into a new market or compete at a higher level
- Re-branding is required if your message has to be changed or made simpler
- Your marketing team has changed
- You are introducing a new service offering
- Re-branding helps reflect your new ideologies to help the target audience connect to your brand
- If the law requires you to make a change
- Fresh market entry
- A decline in brand reputation due to a variety of factors
Benefits of Re-branding
Re-branding is an investment that, if done well, will generate enormous dividends over the course of your company's existence.
- Increase Your Customer Base and Quality
- Reduce marketing expenses
- Easily close more sales
- Bring in Top Talent
- Boost the company's value
When Is The Right Time To Re-Brand
Here's a look at the various points in your business when re-branding might be a perfect idea:
Your Brand is not competitive enough
Brands naturally face rivals in the marketplace. However, if your rival brands stand out more among consumers than they used to, you may want to consider re-branding yourself.
Your Brand Is Old-Fashioned
Although they have a long shelf life, brands do not endure forever. To be relevant, brands must adjust to changing cultural conventions and tastes.
You're Aiming at a New Group of People
Always communicate to the target audience when developing a brand. Naturally, you want a brand that will engage with them if you're seeking to reach more or various types of people. This may necessitate a re-brand.
A company is acquired, changed, or mergers
Enterprises need a new brand to correspond with changes in services and culture when they merge, change the leadership structure, or acquire new businesses.
Be prepared for inquiries and worries
Maintaining your current client connections during a re-brand requires open communication with customers. Customers may lose trust in the company, and you could experience a sharp decline in sales if they don't understand why adjustments are being made. To keep this from happening, you need to promote your brand change. However, it's not necessary for customer communications to be internal or even confidential.
How do you post a re-brand?
You must produce, compile, and reach an agreement on deliverables for re-branding on social media platforms, such as:
- For your visual identity, create logos, graphics, and colour schemes.
- Your brand name, hashtags, and @brand social media handles.
- Your mission statement, taglines, and slogans.
- Posts and copy for your numerous social media platforms.
Re-brand Your Business Without Losing Your Audience
No matter how big or tiny your re-branding may be, you can see some of your formerly devoted client’s defects if the launch is done improperly. A good re-brand integrates, connects, and communicates with both your existing clientele and your new target market. However, how do you re-brand effectively? Is it really possible to recruit a (potentially) whole other market while also maintaining the satisfaction of your current clientele? The good news is that you can re-brand and retain your current clientele.
Nobody changes their brand overnight (or they shouldn't anyhow!).
Re-branding your business may require significant time, money, and passion. Re-branding is done by companies for a variety of reasons, including growth, product clarification, wrong press avoidance, and personality unification. Once you've understood why you're altering critical aspects of your business, keep in mind that enterprises re-brand to better serve their clients and customers.
How Often Should You Re-brand?
Re-branding does not imply that your business is failed or out of date. Even the most well-known brands occasionally benefit from a new coat of paint. According to studies, many renowned firms undergo a significant brand makeover every seven to ten years. A company's mission, a building's design, or its emblem are examples of substantial changes. Other modifications, including those to packaging or signs, are more modest. Consider that Pepsi has updated its branding 11 times in recent years, and businesses like McDonald's and Facebook have implemented several large and small changes multiple times.
If you think of re-branding, you need to examine who you're attempting to reach with your goods and services and how to stand out from the competition. A re-branding strategy can be developed once you've settled on a new logo, packaging, products, or whatever it is.
What Re-Branding Strategies Should You Adopt
Re-branding your company is a significant choice with lots of moving components. It can be anything from rebuilding your website or introducing a new product to changing your appearance in the market.
However, because it takes time, money, and effort, it's crucial to first determine whether it's a necessary step for your company. What are you attempting to modify? For whom are you altering?
Your value and mission:
- The need of your audience
- The re-branding impacts
- What needs to re-brand
- Reasons for re-branding
- How to convey your main goal
- Conformity to your current brand
- The growth in sales
- How to convey your core purpose
- Your 10-year plan
Conclusion
Re-branding is a stage in the development of a company. It's essential to maintain the audience's interest and compete with dignity. However, it is also important to approach the process carefully, consider the audience's demands, and specify the required modifications.
